Salvadoran President Bukele increases holdings of 19 bitcoins despite IMF restrictions on government BTC accumulation

According to CoinDesk, the International Monetary Fund (IMF) has approved a 40 month, $1.4 billion Extended Fund Facility (EFF) aimed at improving El Salvador's macroeconomic balance and imposing restrictions on its Bitcoin policy. The IMF requires the Salvadoran government not to voluntarily increase its holdings of Bitcoin during the program period. As of February 24th, the Salvadoran government holds 6081 bitcoins (approximately $600 million), managed by the national Bitcoin management agency. However, President Bukele still increased his holdings of 19 BTC after Bitcoin fell below $90000. The IMF stated that the use of Bitcoin in El Salvador is still limited, public trust is low, and the usage rate of Bitcoin in tax payments is close to zero. In addition, El Salvador has revised the Bitcoin Act, revoking the legal tender status of Bitcoin and allowing only private institutions to voluntarily accept it. According to the EFF agreement, El Salvador will achieve a primary fiscal balance improvement of 3.5% of GDP within three years, and the debt to GDP ratio is expected to decrease to 81% by 2029.